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World Needs Dubai

Dubai sent shockwaves across the world when the news broke out that Dubai World, Dubai’s chief investment vehicle, wanted to defer its repayments on all or part of its $59 billion in debt. Dubai World alone is responsible for almost 75 percent of the entire debt of Dubai, which stands at $80 billion. Although post 25/11, when the news broke out for the first time, the ruler of Dubai did release an official statement comforting global investors (specifically on December 1, 2009 – the global financial markets stabilized a bit after that statement), but the world is still keenly looking forward to December 14, 2009, as that is the day when bonds worth $3.5 billion for Nakheel – the real estate arm under Dubai World and the company behind the prestigious palm shaped manmade islands – become due. A great deal of Dubai’s future and global investors’ fate would be determined on how the company deals with the bonds issue!In fact, for getting the right perspective of what is happening to Dubai,...
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SHORT NOTE ON THE FOLLOWING FOR 5 MARKS

1.WORLD TRADE ORGANIZATION The World Trade Organization ( WTO ) is an international organization designed by its founders to supervise and liberalize international capital trade . The organization officially commenced on January 1, 1995 under the Marrakesh Agreement , replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1947. The World Trade Organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalising trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements which are signed by representatives of member governments and ratified by their parliaments . [4] [5] Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986-1994). The organization is currently endeavouring to persist with a trade negotiation called the Doha Development Agenda (or Doha Round), whi...
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